Monday, 27 February 2017

5 FINANCIAL HABITS OF SUCCESSFUL BUSINESS OWNERS

In my line of work, I either know a lot of successful business owners or I spend a lot of time interviewing them for client work or my podcast. At this rate, I’ve been doing this for years.

In those years, I’ve learned a lot from the successful business owners I have the pleasure of speaking with – particularly as it pertains to their financial habits. Here just some of the financial habits of the most successful business owners I know.

Always save first.

Out of all the financial habits mentioned by the successful business owners I speak with, this is the one that came up every time.

Every business owner has said that they found a way to save first, even if the business wasn’t doing to hot. At the end of the day, their focus is on building wealth so they act accordingly.

Ask for help and pay for it if you need to.

Another common financial habit I see among successful business owners is they aren’t afraid to ask for help. They aren’t afraid to pay for it either.

Or, well, maybe sometimes they are afraid but they move in spite of the fear anyway. The reason is because they know they can’t possible know everything themselves. They also understand that paying someone else to take care of something means they have more time to work on growing the business.

Follow the money.

Another one of the financial habits I see in successful business owners? They follow the money. In other words, often times if it’s not making them money they cut it. At the end of the day, they are running a business, not a charity.

Now, it’s important to note that this doesn’t mean they do unethical things or step on people in order to make more money. Instead, it looks like letting go of projects that aren’t profitable or asking for more money when negotiating.

Push themselves out of their comfort zone.

Successful business owners are constantly pushing themselves – especially when it comes to financial habits.

Here are just some of the ways business owners do this all the time:

Ask for more money.

Ask for money, period.

Save first, even if it looks terrifying.

Take (calculated) financial risks in the form of business investments.

Negotiate everything – whether it’s a fee for their work or negotiating down if they think a product or service is too expensive.

Give a ton of value (and sometimes money).

I already mentioned how successful business owners are acutely aware of the fact that they are running a business and not a charity. However, this does not mean they idolize money.

In fact, none of the successful business owners I’ve interviewed do it only for the money. They understand that money is a reality of the world we live in and should be respected, not a god.

With that being said, the successful business owners I know give a lot of value out into the world. They are always helping other people, including those who are coming up behind them.

Above all, they understand that being in a leadership position comes with the responsibility to mentor, teach and share their abundance.